Since most decision making involves multiple criteria, extensive research has been developed in this area over the past few decades. However, as it is widely known in the decision-making field, there are significant differences in the way that the decision-making process has been addressed. This has lead to two different approaches: Multiple Criteria Decision Making (MCDM) and Multiple Criteria Decision Analysis (or Aid) (MCDA). Having the most recent world economic and financial trends as a background, this paper aims to highlight the relationship between MCDA and financial decisions in a banking context. The paper is based on previous work of well-known authors in the financial decisionmaking field, but highlights new findings and presents a multicriteria framework for retail banking in order to increase the interest of the MCDA approach for banking issues. In particular, the framework offers a holistic view of banking activities at a bank branch level, where at least eight different phases, when correctly integrated and performed, provide banks with a greater capacity to support decisions and to adapt strategies to a permanent changing environment. The paper discusses insights, advantages and disadvantages of MCDA to provide recommendations for successful applications of this approach in similar contexts.

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Decision support,Economic crises,Financial decisions,MCDA,Retail banking

• Economics and Business - Social Sciences